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Thursday, Mar 28, 2024
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County Investment Portfolio Receives Good Reviews

County Treasurer and Tax Collector Dan McAllister can puff out his chest a bit following a recent announcement that the short-term investment pool his department manages on behalf of some 100 local government agencies received the highest ratings both on credit quality and volatility from Standard & Poor’s Financial Services LLC.

“This is the 10th consecutive year we have received S&P’s highest credit ratings and we are extremely proud of this achievement,” McAllister said.

The $6.5 billion fund, now at record levels and up by about $200 million from a year earlier, comes from money the public agencies have in their cash accounts but aren’t using at the moment but can be earning interest, however small these days. By policy, the fund invests mainly in federally insured bonds and other low-risk securities that provide liquidity to the various public agencies, McAllister said.

Clients include 42 local school districts, five community college districts, the San Diego County Regional Airport Authority, Sandag, the Metropolitan Transit System, and dozens of water districts, fire districts and smaller cities.

McAllister is quick to give credit for the high marks to his staff, which has a combined investing experience of 60 years, and an oversight committee that reviews the county’s investment strategy annually.

— Mike Allen

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